---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, September 29, 2021, Vol. 22, No. 189

                           Headlines



B U L G A R I A

SPARKY AD: BSE Delists Shares Following Insolvency


C R O A T I A

CITY OF ZAGREB: S&P Alters Outlook to Stable & Affirms 'BB-' ICR


G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Keeps 'B' Unsecured Debt Ratings
INFINEON TECHNOLOGIES: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
K+S AKTIENGESELLSCHAFT: Egan-Jones Keeps B- Sr. Unsecured Ratings


G R E E C E

NAVIOS MARITIME: Egan-Jones Keeps CCC Senior Unsecured Ratings


I R E L A N D

BBAM EUROPEAN II: S&P Assigns Prelim. B- Rating on Cl. F Notes
RRE 8 LOAN: S&P Assigns Prelim. BB- Rating on Class D Notes
[*] IRELAND: Covid-19 Support Withdrawal May Spur Bankruptcies


I T A L Y

ASSICURAZIONI GENERALI: Egan-Jones Keeps BB Sr. Unsecured Ratings
MOONEY GROUP: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
TELECOM ITALIA: Egan-Jones Retains 'B' Sr. Unsecured Debt Ratings


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
AURIS LUXEMBOURG II: Fitch Affirms 'B-' IDR, Outlook Stable
FLINT HOLDCO: S&P Alters Outlook to Positive & Affirms 'CCC+' ICR


S W E D E N

SAS AB: Egan-Jones Retains 'C' Sr. Unsecured Debt Ratings


U N I T E D   K I N G D O M

BARROW & DISTRICT: Enters Administration, Ceases Trading
DERBY COUNTY: Manager in Regular Contact with Administrators
GREENSILL CAPITAL: Refinancing Expected to be Finalized in October
HAMMERSON PLC: Egan-Jones Keeps BB Sr. Unsecured Debt Ratings
INTERNATIONAL GAME: Egan-Jones Keeps CCC+ Unsecured Debt Ratings

PFP ENERGY: Goes Into Administration, Buyer Sought for Assets
WPP PLC: Egan-Jones Keeps BB- Sr. Unsecured Debt Ratings

                           - - - - -


===============
B U L G A R I A
===============

SPARKY AD: BSE Delists Shares Following Insolvency
--------------------------------------------------
SeeNews reports that the Bulgarian Stock Exchange said it
terminated the listing of the shares of electric tool manufacturer
Sparky AD - Rousse on the equities segment of the BaSE alternative
market as of Sept. 27.

According to SeeNews, the delisting is in line with a Sept. 23
decision by the Financial Supervision Commission to enforce a
compulsory administrative measure against BSE, the Sofia bourse
operator said in a notice on Sept. 24.

The regional court in Rousse opened insolvency proceedings against
Sparky AD - Rousse in June on request by Balkan Steel Engineering
Ltd. due to an outstanding debt of over BGN316,000
(US$189,000/EUR161,000), SeeNews relates.  The court ruled the
starting date of Sparky's insolvency is March 5, 2021, SeeNews
notes.

Sparky AD - Rousse ceased activity more than an year ago, SeeNews
recounts.




=============
C R O A T I A
=============

CITY OF ZAGREB: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings, on Sept. 24, 2021, revised its outlook to
stable from negative and affirmed its 'BB-' long-term issuer credit
rating on the Croatian capital city of Zagreb.

Outlook

S&P said, "We base the stable outlook on our expectation that
Zagreb will continue to consolidate its budgetary performance with
the help of increased revenue collection and a tight grip on
expenditure. We believe that the ongoing reconstruction of
earthquake-devasted areas should not lead to significant funding
gaps for the city."

Downside scenario

S&P could lower the rating if, contrary to its expectation, the
financial pressure on Zagreb and its companies would rise, for
example if additional payables are accumulated and the cash
holdings deteriorate. In addition, fading government support in
channeling funds to the city to finance major investment projects
could weigh on the rating.

Upside scenario

S&P sees upward potential for the rating if Zagreb further reduces
its contingent liabilities and increases transparency about the
city's financial planning. In addition, an improving budgetary
performance, further increased cash holdings, and the debt burden
staying at current levels could provide uplift to the ratings.

Rationale

S&P said, "Our ratings on Zagreb reflect the city's strained
liquidity, moderately high tax-supported debt burden, and volatile
policy environment. These weaknesses are partly mitigated by the
support Zagreb will receive from the EU and the central government
to rebuild infrastructure after earthquakes in 2020. The amount and
timing of government aid depends on the works' progress and
bureaucratic dealings with various stakeholders. Although the city
is likely to face fewer costs than initially thought, we continue
to include in our assessment that Zagreb will have to cover some
reconstruction costs, which will fall due over years, if not
decades. We continue to view the city as dependent on support from
capital inflow from EU funds and having good cooperation with the
central government.

"In our updated economic forecast for Croatia, we expect a sound
rebound of the national economy with real GDP expanding by 6.5% in
2021, which should create additional tax revenue for Zagreb. We
note a policy shift in the city administration following municipal
elections in spring 2021. The new mayor, supported by a two-party
coalition with the majority of seats in the city council, initiated
consolidation measures in summer 2021, including the merger of city
departments and reduction in salaries. The new management also
announced steps to increase the transparency of city financials and
decisions, and installed a new management board at main
government-related entities, including Zagrebacki Holding d.o.o.,
which we view positively as first steps to consolidating city
finances. In our base-case scenario for 2021-2023, continued
investment needs will continue to create pressures on Zagreb's
budgetary performance.

"The rating on the city also considers our view of the
unpredictable institutional framework for Croatian local and
regional governments.”

Zagreb depends on ongoing support from central government as well
as EU funds

Zagreb's credit quality is limited by the institutional setup under
which Croatian municipalities operate. The framework changes
frequently, and the distribution of resources is unbalanced and
insufficiently aligned to tasks delegated to municipalities. This
is highlighted by Zagreb's accrued deficit, which reflects the
funds the city expects to receive from the central government to
compensate for delegated tasks. In addition, multiple changes to
the tax system make financial planning difficult. For example, tax
cuts at the central government level, aimed at supporting the local
economy after the COVID-19 shock, would have led to considerable
tax-shortfalls at Zagreb if the city hadn't reached an agreement
with the central government. Zagreb has settled various legal
disputes with the Croatian ministry of finance recently, somewhat
limiting the litigation risks it is facing. It remains to be seen
how the cooperation between the city administration and central
government will develop over the next four years, especially
because Zagreb is now ruled by parties which are in opposition role
at the national level.

Mayor Tomislav Tomasevic, elected in May 2021, has formed coalition
granting him a majority in the city council. S&P understands that
the new management team wants to alter city politics to increase
financial transparency. In addition, the city established a new
board of directors in its main municipal company, Zagrebacki
Holding, and established a liquidity policy to raise minimum cash
holding targets at the city level. The low predictability about
when Zagreb will receive funds to cover earthquake-related costs
constrains policy effectiveness and effective financial planning at
the city level.

Zagreb benefits from its role as Croatia's capital and dominant
economic center. The city contributes about one-third of total
Croatian GDP. S&P said, "Unemployment is considerably lower than
nationwide, reaching 4.6% as of year-end 2020, which we regard as
low considering the pandemic-induced recession. GDP per capita is
comparable with that of similarly rated international peers and
about 70% higher than the national average. We expect Croatia's GDP
growth to rebound by about 6.5% in 2021 and 5.0% in 2022, up from
our previous forecast in spring 2021. We believe Zagreb's GDP per
capita will develop similarly to national growth trends." Moreover,
the pull Zagreb exerts on the country has resulted in a stable
population, which positively distinguishes the city from the
national trend. This will somewhat support the economic and tax
base in the medium term.

Funds from the EU will help post-earthquake reconstruction, but the
timing remains uncertain

Croatia will receive Croatian kuna (HRK) 5.1 billion from the EU
Solidarity Fund to alleviate the costs of rebuilding infrastructure
in Zagreb after two earthquakes in March 2020. The city will have
access to HRK2.6 billion of this fund at some point until 2022, but
we have not factored this support into S&P's base-case scenario
because the timing remains vague. The funding is designed to cover
corresponding capital expenditure, and therefore should be neutral
to overall budgetary performance. The availability of these funds
could expire if they are not spent on the intended purpose and
within a certain timeframe.

According to national law, local governments--which effectively
means the City of Zagreb--need to cover 20% of the costs to rebuild
the more heavily damaged private buildings. The magnitude of these
costs is hard to estimate. Also, the reconstruction efforts will
last at least a decade. Initial cost estimates are around HRK87
billion. Although the amount Zagreb will bear is impossible to
predict, S&P assumes that the costs for the city will be lower than
originally expected. The state and the EU will finance most of the
reconstruction of public buildings and infrastructure, while the
city will cover a much smaller amount. The city has budgeted for
HRK80 million in 2021 for this purpose, but only spent a tiny
fraction of this due to slow reconstruction progress.

S&P said, "In our base-case scenario for 2021, we expect Zagreb to
improve its operating balance due to recovering tax revenue and
increased cost-cutting measures, including salary cuts for senior
city management and fewer office departments. We therefore expect
the city to achieve a lower deficit after capital accounts in 2021,
and some small surpluses in the years thereafter."

Zagreb's budgetary flexibility is limited because most revenue
items depend on the central government's decisions, and expenditure
items like salaries tends to be rigid. The city cannot change its
main revenue source, personal income taxes, except for the surtax
charged. However, the latter is already at the maximum set by the
central government. Expenditure flexibility is further constrained
by fixed subsidies granted to the municipal holding company and
Zagrebacki Elektricni Tramvaj (ZET); both supply essential public
services. Asset sales have proven difficult in recent years and do
not provide additional room to maneuver.

S&P said, "At 95% of consolidated operating revenue in 2021, we
regard Zagreb's tax-supported debt burden as moderate in an
international comparison, but high for a local government in the
Central and Eastern Europe region. Direct debt is less than half
the tax-supported debt, reflecting the large outsourcing of debt
via factoring deals and funding through various municipal companies
to circumvent debt-financing rules. We assume Zagreb will
accumulate debt in addition to financing needs years to help cover
recent deficits. We therefore forecast rising net new borrowing,
which the city also uses to replenish cash holdings. We assume that
Zagreb's debt ratio, which includes debt of Zagrebacki Holding and
other municipal companies, peaked in 2020 and will gradually
decline over our forecast period thanks to an increasing budget
size. Zagreb's debt burden is exacerbated by its large contingent
liabilities, consisting of Zagreb's share of earthquake damages and
litigations. We also factor in Zagrebacki Holding's and ZET's
payables, as well as the long- and short-term debt of related
entities not already included in tax-supported debt. Foreign
exchange risk is limited because all debt is in local currency."

Zagreb's liquidity situation remains a key credit weakness. Despite
increased cash holdings by mid-2021 and a newly established minimum
cash level, cash on hand covers only about half of the next 12
months' debt service and financing needs. Also, S&P views access to
external liquidity as limited because Croatia's domestic banking
sector is relatively weak, in its view.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED; OUTLOOK ACTION  
                              TO              FROM
  ZAGREB (CITY OF)

  Issuer Credit Rating    BB-/Stable/--    BB-/Negative/--




=============
G E R M A N Y
=============

DEUTSCHE LUFTHANSA: Egan-Jones Keeps 'B' Unsecured Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 16, 2021, maintained its
'B' foreign currency and local currency senior unsecured ratings on
debt issued by Deutsche Lufthansa Aktiengesellschaft.

Headquartered in Cologne, Germany, Deutsche Lufthansa
Aktiengesellschaft provides passenger and cargo air transportation
services worldwide.


INFINEON TECHNOLOGIES: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 7, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Infineon Technologies AG.

Headquartered in Neubiberg, Germany, Infineon Technologies AG
designs, manufactures, and markets semiconductors.


K+S AKTIENGESELLSCHAFT: Egan-Jones Keeps B- Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 7, 2021, maintained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by K+S Aktiengesellschaft. EJR also maintained its
'C' rating on commercial paper issued by the Company.

Headquartered in Kassel, Germany, K+S Aktiengesellschaft
manufactures and markets within the fertilizer division standard
and specialty fertilizers to the agricultural and industrial
industries worldwide.




===========
G R E E C E
===========

NAVIOS MARITIME: Egan-Jones Keeps CCC Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 8, 2021, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by Navios Maritime Acquisition Corporation. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Pireas, Greece, Navios Maritime Acquisition
Corporation is an owner and operator of tanker vessels.





=============
I R E L A N D
=============

BBAM EUROPEAN II: S&P Assigns Prelim. B- Rating on Cl. F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to BBAM
European CLO II DAC's class A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately four and
half years after closing, and the portfolio's maximum average
maturity date will be eight and half years after closing. Under the
transaction documents, the rated notes pay quarterly interest
unless there is a frequency switch event. Following this, the notes
will permanently switch to semiannual payment.

As of the closing date, the issuer will own close to 100% of the
target effective date portfolio. S&P considers that the portfolio
on the effective date will be well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, S&P has conducted its
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,812.32
  Default rate dispersion                                 408.44
  Weighted-average life (years)                             5.42
  Obligor diversity measure                                95.88
  Industry diversity measure                               20.52
  Regional diversity measure                                1.21

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              101
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           1.94
  'AAA' weighted-average recovery (%)                      36.41
  Weighted-average spread net of floors (%)                 3.83

S&P said, "In our cash flow analysis, we have modeled the target
par amount of EUR400 million, covenant weighted-average recovery
rate as indicated by the collateral manager, a weighted-average
spread of 3.65%, and a weighted-average coupon of 4.00%.

"Following our credit and cash flow analysis, all class of notes
(except classes A and F) could withstand higher rating levels than
those we have assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
the notes.

"The Bank of New York Mellon (London Branch) will be the bank
account provider and custodian. Its documented downgrade remedies
are in line with our counterparty criteria.

"The issuer is expected to be bankruptcy remote, in accordance with
our legal criteria.

"The CLO will be managed by BlueBay Asset Management LLP. Under our
"Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, we expect the
maximum potential rating on the liabilities to be 'AAA'.

"For the class F notes, our credit and cash flow analysis indicates
that the break-even default rate cushion is negative. Nevertheless,
based on the portfolio's actual characteristics and additional
overlaying factors, including our long-term corporate default rates
and recent economic outlook, we believe this class is able to
sustain a steady-state scenario, in accordance with our criteria."
S&P's analysis further reflects several factors, including:

-- The available credit enhancement for this class of notes is in
the same range as other CLOs that S&P rates, and that have recently
been issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating of 27.21% (for a portfolio with a weighted-average life of
5.42 years), versus if it was to consider a long-term sustainable
default rate of 3.1% for 5.42 years, which would result in a target
default rate of 16.80%.

-- The actual portfolio is generating higher spreads versus the
covenanted threshold that S&P has modelled in its cash flow
analysis.

-- For S&P to assign a rating in the 'CCC' category, it also
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chances for this
note to default, and (iii) if it envisions this tranche to default
in the next 12-18 months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
'B- (sf)' rating assigned.

-- Following S&P's analysis of the credit, cash flow,
counterparty, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

Scenario analysis

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
our publication."

  Ratings List

  CLASS   PRELIM    PRELIM     SUB (%)     INTEREST RATE*
          RATING    AMOUNT
                   (MIL. EUR)
  A       AAA (sf)   246.00    38.50    Three/six-month EURIBOR
                                        plus 1.02%
  B-1     AA (sf)     27.00    28.00    Three/six-month EURIBOR
                                        plus 1.75%
  B-2     AA (sf)     15.00    28.00    2.10%
  C       A (sf)      28.00    21.00    Three/six-month EURIBOR
                                        plus 2.10%
  D       BBB- (sf)   25.00    14.75    Three/six-month EURIBOR
                                        plus 3.05%
  E       BB- (sf)    20.00     9.75    Three/six-month EURIBOR
                                        plus 6.11%
  F       B- (sf)     12.00     6.75    Three/six-month EURIBOR
                                        plus 8.95%
  Sub     NR          33.60      N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


RRE 8 LOAN: S&P Assigns Prelim. BB- Rating on Class D Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to RRE 8
Loan Management DAC's class A-1 to D notes. At closing the issuer
will also issue unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
The transaction will be managed by Redding Ridge Asset Management
(UK) LLP.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

-- Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will permanently switch to semiannual
payment.

-- The portfolio's reinvestment period will end approximately 4.5
years after closing, and the portfolio's maximum average maturity
date is nine years after closing.

  Portfolio Benchmarks
                                                           CURRENT
  S&P Global Ratings weighted-average rating factor       2,828.35
  Default rate dispersion                                   342.89
  Weighted-average life (years)                               5.45
  Obligor diversity measure                                 139.65
  Industry diversity measure                                 20.46
  Regional diversity measure                                  1.22

  Transaction Key Metrics
                                                           CURRENT
  Total par amount (mil. EUR)                                  500
  Defaulted assets (mil. EUR)                                    0
  Number of performing obligors                                163
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                             0.92
  'AAA' covenanted weighted-average recovery (%)             36.41
  Covenanted weighted-average spread (%)                      3.55
  Reference weighted-average coupon (%)                       5.00

Workout obligations

Under the transaction documents, the issuer may purchase debt and
non-debt assets of an existing borrower offered in connection with
a workout, restructuring, or bankruptcy (workout obligations), to
maximize the overall recovery prospects on the borrower's
obligations held by the issuer.

The transaction documents limit the CLO's exposure to workout
obligations quarterly, and on a cumulative basis, may not exceed
10% of target par if purchased with principal proceeds.

The issuer may only purchase workout obligations provided the
following are satisfied:

Using principal proceeds or amounts designated as principal
proceeds, provided that:

-- The obligation is a debt obligation;

-- It is pari passu or senior to the obligation already held by
the issuer;

-- Its maturity date falls before the rated notes' maturity date;

-- It is not purchased at a premium; and

-- The class A-1, A-2, B, and C par value tests are satisfied
after the acquisition, or the performing portfolio balance exceeds
the reinvestment target par balance.

Using interest proceeds, provided that:

-- The class C interest coverage test is satisfied after the
acquisition; and

-- The manager believes there will be enough interest proceeds on
the following payment date to pay interest on all the rated notes.

-- The issuer may also purchase workout obligations using amounts
standing to the credit of the supplemental reserve account.

In all instances where principal proceeds or amounts designated as
principal proceeds are used to purchase workout obligations:

-- A zero carrying value is assigned to the workout obligations
until they fully satisfy the eligibility criteria (following which
the obligation will be subject to the same treatment as other
obligations held by the issuer); and

-- All and any distributions received from a workout obligation
will be retained as principal and may not be transferred into any
other account.

S&P said, "The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction.

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread (3.55%), the
reference weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates at all rating levels as indicated
by the collateral manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category. Our credit and cash flow analysis indicates that
the available credit enhancement for the class A-2 and B notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings assigned to the notes.

"We expect that the transaction's documented counterparty
replacement and remedy mechanisms will adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned
preliminary ratings are commensurate with the available credit
enhancement for the class A-1, A-2, B, C, and D notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 to C notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results
shown in the chart below are based on covenanted weighted-average
spread, coupon, and recoveries.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class D notes."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons, nuclear weapons, thermal coal, oil and gas,
pornography or prostitution, opioid manufacturing or distribution,
and hazardous chemicals. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings Assigned

  CLASS   PRELIM     PRELIM     SUB (%)      INTEREST RATE§
          RATING*    AMOUNT
                    (MIL. EUR)
  A-1     AAA (sf)    302.50    39.50    Three/six-month EURIBOR
                                         plus 1.04%
  A-2     AA (sf)      42.50    31.00    Three/six-month EURIBOR
                                         plus 1.70%
  B       A (sf)       52.50    20.50    Three/six-month EURIBOR
                                         plus 2.15%
  C       BBB- (sf)    32.50    14.00    Three/six-month EURIBOR
                                         plus 3.15%
  D       BB- (sf)     20.00    10.00    Three/six-month EURIBOR
                                         plus 6.15%
  Sub notes   NR       57.40      N/A    N/A

*The preliminary ratings assigned to the class A-1 and A-2 notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class B, C, and D notes address
ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

NR--Not rated.
N/A--Not applicable.
EURIBOR--Euro Interbank Offered Rate.


[*] IRELAND: Covid-19 Support Withdrawal May Spur Bankruptcies
--------------------------------------------------------------
Paul Hyland at Independent.ie reports that a leading economist has
warned of a "tsunami effect of corporate bankruptcies" when the
Government rows back on Covid-19 supports for businesses.

Chief economist at the Institute of International and European
Affairs Dan O'Brien said pandemic supports have created a situation
where bankruptcies have dropped while the economy suffered but
added that this is not sustainable, Independent.ie relates.

According to Independent.ie, speaking to Brendan O'Connor on RTE
Radio he said: "something really strange about the last 18 months,
across the western world, has been when you have a big decline in
economies you get a big increase in the number of companies going
bust.

"Amazingly during the Covid period, despite having the biggest
economic contraction on record globally, rich countries have been
able to support businesses and we've actually seen the number of
bankruptcies falling.

"When you take away those supports, some businesses are going to
go."

Mr. O'Brien continued by saying that in the normal course of events
a certain amount of businesses will not survive but because of the
Covid supports a disproportionate amount have been propped-up,
Independent.ie discloses.

He said this will lead to a "tsunami effect of corporate
bankruptcies" consisting of businesses which would not have
survived regardless of the pandemic and those which will suffer
from a change in the way people live post-Covid, Independent.ie
notes.

Mr. O'Brien, as cited by Independent.ie, said the hospitality
industry, in particular, will suffer because "people are not going
to be crowding into nightclubs over the winter . . . it seems to me
to be inevitable that there's going to be job losses."

He added, however, that the pandemic has created a unique scenario
for the Irish economy and that the outcome remains very uncertain,
Independent.ie relays.




=========
I T A L Y
=========

ASSICURAZIONI GENERALI: Egan-Jones Keeps BB Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 7, 2021, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Assicurazioni Generali S.p.A.

Headquartered in Trieste, Italy, Assicurazioni Generali S.p.A.
offers life and non-life insurance and reinsurance throughout the
world.


MOONEY GROUP: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
-----------------------------------------------------------------
S&P Global Ratings, on Sept. 24, 2021, revised its outlook on
Mooney Group SpA to stable from negative and affirmed the 'BB-/B'
long- and short-term issuer credit ratings.

The stable outlook reflects S&P's continuing expectation that
Mooney's 30% owner Intesa Sanpaolo SpA (Intesa; BBB/Stable/A-2)
will provide extraordinary support in case of need, as well as
decreased downside risks to Mooney's cash generation capacity

Rating Action Rationale

On July 29, 2021, Sisal Group announced it will demerge payment
company Mooney Group SpA (Mooney; formerly SisalPay Group SpA),
confirming S&P's view of Mooney's independent strategy from Sisal
Group.

Sisal Group's demerging of Mooney confirms the payment company's
independence. Under the demerger, announced July 29, Mooney will be
transferred to 70% owner CVC Capital Partners' vehicle SG2 SpA and
no longer be a Sisal Group subsidiary. This is the final step of
the corporate reorganization initiated in 2019, and S&P sees the
announcement as a confirmation of the independence of Mooney's
business and financial strategy with respect to Sisal Group. The
deal is expected to close by November 2021.

S&P said, "We expect Mooney's performance will improve in 2021.
Mooney's first-half 2021 results show clear signs of recovery from
the slowdown induced by the pandemic in 2020. Gross revenue totaled
EUR173 million, increasing 16.2% from first-half 2020. Revenue
growth was supported by the strengthening of digital channels,
enlarging of the merchant network, and strong growth in the banking
services channel. We forecast revenue will continue recovering in
second-half 2021, reducing pressure on Mooney's stand-alone
creditworthiness. That said, leverage metrics will remain in line
with our current assessment of the company's stand-alone credit
profile (SACP). We expect Mooney's S&P Global Ratings-adjusted
funds from operations (FFO) to debt to average 8.5%-9.0% in
2021-2022 and its S&P Global Ratings-adjusted debt to EBITDA to
average 8.0x-8.5x over the same period.

"Strong banking services growth supports our view on Mooney's
business relationship with minority owner Intesa. Banking and
prepaid card services revenue reportedly increased 72% and 106%
year on year as of June 30, 2021, driving 17.2% growth in total
transaction-based revenue over the same period. These business
lines (which we calculate represented 17% of transaction-based
revenue in first-half 2021) are increasingly important for Mooney
and expanding faster than we previously forecast. We expect
continued high-double-digit growth in the near term, which, in our
view, confirms Mooney's tight business relationship with 30% owner
Intesa. This is also a result of the company's commitment and
investments to develop these businesses.

"The stable outlook reflects our view that Mooney's role for Intesa
will not change over the next 12 months and its cash flow capacity
will not significantly deteriorate.

"We would lower the ratings on Mooney if we think its strategic
role for Intesa has diminished. We could also lower the ratings if
cash flows meaningfully deteriorate following a lower-than-forecast
economic recovery or fiercer pressure from competitors.

"Although unlikely at this stage, we could raise the ratings on
Mooney if we conclude that its financial policy has improved and we
anticipate S&P Global Ratings-adjusted FFO to debt will stably
increase above 12% and S&P Global Ratings-adjusted debt to EBITDA
decline below 5x. We could also raise the ratings if we think its
relevance for Intesa's long-term strategy strengthens.

"Our 'BB-' issue rating and '4' recovery rating on Mooney's EUR530
million senior secured bond indicate our expectations for average
recovery prospects (30%-50%; rounded estimate: 40%) in the event of
payment default."

-- Year of default: 2025
-- Jurisdiction: Italy
-- Operational adjustment: +5%
-- Cyclicality adjustment: +10% (standard sector adjustment)
-- Default year minimum capital expenditure (as a percentage of
three-year average sales): 3%
-- Stressed EBITDA: EUR54 million
-- EBITDA multiple: 6x
-- Gross enterprise value at default: EUR323 million
-- Administrative costs: 5%
-- Net available value to creditors: EUR307 million
-- Super senior secured debt claims: EUR81 million
-- Net value available to senior secured debt claims: EUR226
million
-- Senior secured debt claims: EUR547 million
    --Recovery expectations: 30%-50% (rounded estimate: 40%)

*All debt amounts include six months' prepetition interest. S&P
assumes the revolving credit facility is 85% drawn at default.


TELECOM ITALIA: Egan-Jones Retains 'B' Sr. Unsecured Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 13, 2021, maintained its
'B' foreign currency and local currency senior unsecured ratings on
debt issued by Telecom Italia S.p.A.

Headquartered in Milano, Italy, Telecom Italia S.p.A., through
subsidiaries, offers fixed line and mobile telephone and data
transmission services in Italy and abroad.




===================
L U X E M B O U R G
===================

ALTISOURCE PORTFOLIO: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 7, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Altisource Portfolio Solutions S.A. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A.
provides real estate and mortgage services.


AURIS LUXEMBOURG II: Fitch Affirms 'B-' IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Auris Luxembourg III S.a.r.l.'s Term
Loan B (TLB) and RCF ratings at 'B'/'RR3'. Fitch has also affirmed
the IDR of Auris Luxembourg II S.A. (WSA) at 'B-' with a Stable
Outlook.

The rating affirmation reflects WSA's business recovery,
demonstrated by strong double-digit sales growth in FY21 (financial
year ending September 2021) and higher-than-forecasted
profitability metrics from merger synergies. The issuer's strong
business profile is underpinned by solid market positions and
continues to be supportive for the rating. However, WSA's leverage
remains high for its rating, and Fitch expects it to remain high
when the company approaches its debt refinancing in 2025.

The Stable Outlook reflects Fitch's expectations that the current
satisfactory liquidity position will be maintained, and that WSA
will retain its focus on organic deleveraging.

KEY RATING DRIVERS

Mixed Sales Recovery: Fitch's rating reflects that a gradual
reduction of pandemic restrictions in some of WSA's key markets
(China and Europe) allowed WSA to recover sales ahead of Fitch's
forecasts. Some of the regions have demonstrated 2Q21 and 3Q21
revenues organically exceeding FY19 levels. However, markets with
restrictions still in place are still underperforming compared to
pre-pandemic years, and the specifics of WSA products leave the
company sales exposed to any future pandemic restrictions.

Leverage Remains High, Low Rating Headroom: Fitch expects WSA to
demonstrate high leverage for its rating, with FFO leverage around
11.0x by the end of FY21. Although Fitch's updated forecasts assume
a more comfortable deleveraging path, which supports the Stable
Outlook, Fitch still expects the leverage metrics to stay above
8.0x in FY24, which leaves very low headroom for any leverage
growth and may lead to refinancing risks. Fitch continues to
incorporate in Fitch's assumptions high capex related to R&D,
bolt-on acquisitions and limited margin growth, which makes us
forecast no material debt prepayments out of internally generated
cash flows.

Synergies Are Key Profitability Driver: Fitch's rating reflects
that synergies during the 2019 merger of Widex and Sivantos to
create WSA have progressed substantially. Fitch incorporates slower
realisation of the remaining synergies into the rating, but still
expects a 130bp-150bp improvement in operating profitability
compared to the pre-pandemic levels. Competitive pressure may put
additional pressure on operating profitability through investments
in marketing activities for new launches and gross margin pressure
in over-the-counter (OTC)/online channels.

Interest, Taxes Affect FCF: Fitch expects the healthy EBITDA
margins of about 20% - forecasted by Fitch over the medium term -
to convert to moderate free cash flow (FCF). High interest expenses
and tax payments reduce the margin to 9%-10% at FFO level, and high
capex intensity results in a low-to-medium single-digit margin at
FCF level. This limits WSA capacity for both debt prepayment and
bolt-on acquisitions.

Long-Term Growth Continues: The global hearing aid industry has
shown resilience through the cycle, despite its predominantly
discretionary spending nature. Fitch expects the sector's customer
base to expand, driven by penetration in new markets, including
China and South America, by demographic shifts in advanced
economies and, mainly, by a higher percentage of hearing-impaired
individuals adopting the device solution. Fitch views WSA's diverse
footprint, product portfolio, and its solid competitive position to
allow the company to capture these prevailing growth trends.

Regulation Credit Neutral to Positive: Fitch expects the RAC0
hearing aid regulation in France, alongside the anticipated
development of regulation in the US, to support market growth,
increasing both the adoption levels of hearing aids and overall
hearing aid awareness. However, occasionally regional regulation
can reduce demand for hearing aids, as in Australia where the
recommended replacement cycle was recently extended.

DERIVATION SUMMARY

WSA is one of the top manufacturers and distributors in the hearing
aid industry, benefitting from significant scale, a large portfolio
of brands and widespread geographical coverage. The business
profile is a crossover between a strong medical devices provider,
supported by resilient health-driven demand, and a consumer goods
manufacturer. Worldwide state- and private insurance-led
reimbursement regimes are rapidly developing; however, the majority
of the expense for such devices remains discretionary.

WSA's business profile is assessed at a solid 'BB' rating, but high
leverage and an aggressive financial policy constrain the credit
profile to 'B-', with FFO gross leverage expected to remain above
8.0x up to FY24. This is weaker than wholesale and retail entities
in similar sectors, such as Afflelou S.A.S. (B/Negative), and other
healthcare leveraged buyout issuers such as Nidda BondCo GmbH
(B/Stable), Laboratoire Eimer Selas (B/Stable) and Synlab AG
(BB/Stable).

KEY ASSUMPTIONS

-- Sales growth of 16% in FY21, followed by 8% growth in FY22, 6%
    in FY23 and 5% in FY24;

-- EBITDA margin of 19.8% in FY21, gradually improving to 20.5%
    in FY24;

-- Capex of 6% of sales each year;

-- Changes in working capital of -2% of sales in FY21,
    normalising to -0.5% each year thereafter;

-- M&A spending of EUR45 million in FY21, followed by EUR10
    million each year thereafter;

-- Non-operating/non-recurring cash flow costs of EUR20 million
    in FY21, EUR10 million in FY22 and EUR5 million in FY23;

-- Cash taxes at 12% of reported EBITDA;

-- RCF repayment of EUR76 million and EUR11 million mandatory
    prepayment on TLB in FY21, followed by full repayment of drawn
    RCF by FY24 and mandatory prepayments on TLB each year;

-- EUR100 million TLB repaid in FY22; and

-- No dividend payments.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- FFO interest coverage above 2.0x on a sustained basis;

-- FCF margin in mid-single digits on a sustained basis; and

-- FFO leverage below 7.5x on a sustained basis.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Lack of clear indication that FFO leverage is reducing towards

    8.5x by the time of refinancing;

-- FFO interest coverage below 1.5x; and

-- Liquidity deterioration along with neutral to negative FCF.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of 31 August 2021, WSA had EUR132.4
million cash on its balance sheet, unutilised RCF of EUR126.4
million, and committed RCF of EUR260 million. Fitch expects FCF
generation from FY22 to contribute to a satisfactory liquidity
profile.

ISSUER PROFILE

Auris Luxembourg II (WS Audiology or WSA) is the combination formed
in 2019 of Sivantos and Widex. WSA is a global leading hearing aid
company, with a multi-branded portfolio of product and business
brands, including Signia, Widex, Rexton, AudioService, Coselgi,
audibene, HearUSA, Bloom, and TruHearing.

Six companies, including WSA, control 98% of the global hearing aid
market, valued at around USD7 billion in 2016; WSA's platform ranks
as the third-largest global company after Sonova and William
Demant. The B2B channel, representing sales to audiologist chains
and to public healthcare or insurance coverage, accounts for about
70% of revenues; proprietary retail and online platforms account
for the rest.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


FLINT HOLDCO: S&P Alters Outlook to Positive & Affirms 'CCC+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Luxembourg-based ink and
print consumables provider Flint Group to positive from stable, and
affirmed its 'CCC+' ratings on the company and its first-lien
facilities, and its 'CCC-' ratings on its second-lien facilities.

The positive outlook reflects that S&P may raise the ratings to
'B-' within 12 months if the company's plans to refinance its
upcoming debt maturities are successful.

The disposal of XSYS is a significant first step toward
establishing a long-term sustainable capital structure, but
refinancing remains key. Flint recently announced it had signed an
agreement to sell its XSYS division to an affiliate of Lone Star
Funds. S&P said, "We now understand that proceeds from the XSYS
sale, as well as cash on the balance sheet, should be used in the
coming months to repay senior debt and reduce pension deficit. This
transaction should significantly strengthen the balance sheet and
support the company's deleveraging plans. We believe lower leverage
should support management's plans to refinance the capital
structure and extend maturities (first-lien term loan still due
September 2023), but that the successful execution will depend on a
supportive trading environment in the coming months."

S&P said, "We have revised upward our base-case earnings forecast
for Flint Group, mainly due to its stronger performance than
expected so far this year. We now expect Flint to report S&P Global
Ratings-adjusted EBITDA close to EUR245 million (including XSYS)
versus the EUR225 million we expected in April 2021. This owes
mainly to higher packaging volumes, cost-optimization initiatives,
and lower labor and other overhead costs due to restructuring
actions in the past. Excluding XSYS, we now estimate that our
adjusted EBITDA will be about 30% lower than we currently expect
for the whole company for 2021. We therefore believe that, thanks
to the strong performance and debt repayment, Flint's adjusted pro
forma leverage could stand at about 7x in 2021 versus the 9x we
expected in April.

"Our view on the business risk profile remains unchanged following
the sale of XSYS, despite the lower scale and profitability. We
believe the disposal of XSYS should reduce the company's scale only
moderately, given that XSYS represents less than 15% of the
company's total sales. However, we anticipate a more pronounced
reduction in margins in 2021 when excluding XSYS, given the
above-average profitability of the flexographic business. That
being said, we anticipate that a significant number of initiatives,
as well as lower restructuring and transaction costs in 2022,
should restore the group's profitability. These initiatives include
proactive productivity measures, such as a focus on digitalization,
supply chain optimization, and a reduction in operating costs. We
also believe the business is now benefitting from the past
restructuring initiatives and is now more resilient with 75% of
revenue--or 85% of the company's consolidated EBITDA--from the
growing food and beverage packaging segments, while exposure to
markets in structural decline in publication businesses is
reduced.

"The positive outlook reflects that we may raise the ratings to
'B-' within 12 months if the company's plans to refinance its
upcoming debt maturities are successful. We understand that a
refinancing would likely happen once the disposal of XSYS is
complete and after a partial repayment of the term loan to
strengthen the balance sheet.

"We could revise the outlook to stable or lower the ratings if
Flint fails to refinance its capital structure and extend its debt
maturities within 12 months. We still believe a successful
execution will depend on a supportive trading environment in the
coming months."




===========
S W E D E N
===========

SAS AB: Egan-Jones Retains 'C' Sr. Unsecured Debt Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on September 13, 2021, maintained its
'C' foreign currency and local currency senior unsecured ratings on
debt issued by SAS AB. EJR also maintained its 'D' rating on
commercial paper issued by the Company.

Headquartered in Stockholm, Sweden, SAS AB offers air
transportation services.




===========================
U N I T E D   K I N G D O M
===========================

BARROW & DISTRICT: Enters Administration, Ceases Trading
--------------------------------------------------------
Alice Toomer-McAlpine at Coop News reports that Barrow & District
Credit Union (BDCU) is into administration and has ceased trading.


James Sleight and Peter Hart were appointed administrators of the
credit union on Sept. 16, Coop News relates.

According to Coop News, the Financial Services Compensation Scheme
(FSCS) has declared BDCU in default, meaning that savers with the
credit union will have their funds returned up to the limit of
GBP85,000 per individual.


DERBY COUNTY: Manager in Regular Contact with Administrators
------------------------------------------------------------
Steve Nicholson at DerbyshireLive reports that Derby County manager
Wayne Rooney says he is in contact with the club's administrators
on a regular basis.

The Rams officially went into administration on Sept. 22,
DerbyshireLive relates.

According to DerbyshireLive, Andrew Hosking, Carl Jackson and
Andrew Andronikou, managing directors at business advisory firm
Quantuma, were appointed joint administrators and have set to work
on running the affairs of the club and finding a buyer.

"Of course, I am speaking to them on a regular basis both in person
and on the phone because I think it is well-documented as well
there are going to be big decisions made in terms of how we move
forward, so I need to know that information to relay it back to the
players and the staff," DerbyshireLive quotes Mr. Rooney as saying.


"So I am fully aware in terms of what is going on and that is the
way it should be so I can communicate with my players and staff
whenever they need to know what information is coming out."


GREENSILL CAPITAL: Refinancing Expected to be Finalized in October
------------------------------------------------------------------
Robert Smith, Sylvia Pfeifer and Owen Walker at The Financial Times
report that Sanjeev Gupta's timetable for refinancing US$5 billion
of borrowing from collapsed finance firm Greensill Capital has
slipped significantly, with cooling commodity markets threatening
his battle to preserve his sprawling metals conglomerate.

Mr. Gupta's GFG Alliance borrowed heavily from supply-chain finance
firm Greensill Capital, which collapsed in March after GFG started
to default on loans in excess of US$5 billion, the FT relates.

Efforts to refinance this debt were further complicated in May when
the UK's Serious Fraud Office launched an investigation of
suspected fraud, fraudulent trading and money laundering at GFG,
which employs 35,000 people around the world in metals plants from
Wales to Australia, the FT recounts.

Despite the probe, GFG has garnered support from US debt investor
White Oak Global Advisors, an existing creditor that is leading
efforts to refinance the business, the FT notes.

In an in-house corporate podcast broadcast last month, Mr. Gupta
told employees that a new loan agreement for its Australian
business was "basically virtually done", adding that closing the
deal would be "a great achievement" and the first step in a wider
refinancing, the FT states.

Finalizing the loan has since stalled, however, with GFG's
management guiding employees that it is now on target for the
middle of October, the FT relays, citing several people familiar
with the details.  One of the people added that falling commodity
prices had hampered White Oak's efforts to convince other lenders
to join the refinancing, the FT notes.

Surging metals prices rode to the rescue of GFG earlier this year,
boosting the business in the critical months following Greensill's
collapse, the FT relays.

According to the FT, White Oak said: "Financing is available to the
company and GFG is considering all the options given the volatility
in iron ore prices."

Credit Suisse is banking on a first repayment from Mr. Gupta to
allay pressure from 1,000 clients invested in the funds, over the
US$145 million they are being charged to meet recovery costs, the
FT states.  Negotiators at the bank are growing increasingly
frustrated by the time it has taken for Gupta to wrap up the
Australian refinancing, which would return US$200 million and has
delayed Credit Suisse making a wider US$1 billion distribution to
its investors, according to the FT.

Greensill's banking subsidiary in Germany also has EUR2.8 billion
of exposure to GFG, according to a creditors' report filed this
year, the FT relates.  Greensill Capital itself has a further
US$230 million of exposure on its balance sheet, even though the UK
entity was primarily set up to act as a middleman between borrowers
and lenders, the FT discloses.  Italy's Aigis Banca, which
collapsed in the wake of Greensill's unravelling, also had a
smaller amount of exposure to Mr. Gupta's industrial and
commodities trading businesses, according to the FT.


HAMMERSON PLC: Egan-Jones Keeps BB Sr. Unsecured Debt Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 16, 2021, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Hammerson plc.

Headquartered in London, United Kingdom, Hammerson plc invests in
and develops property.


INTERNATIONAL GAME: Egan-Jones Keeps CCC+ Unsecured Debt Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on September 13, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by International Game Technology PLC. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in London, United Kingdom, International Game
Technology PLC designs, develops, manufactures, and distributes
computerized gaming equipment, software, and network systems.


PFP ENERGY: Goes Into Administration, Buyer Sought for Assets
-------------------------------------------------------------
Consultancy.uk reports that administrators from Alvarez & Marsal
have been appointed to PFP Energy.

The company's customers have been transferred to British Gas as
part of the Supplier of Last Resort process, Consultancy.uk
discloses.

PFP Energy was based in Preston and employed around 50 people.  The
firm supplied gas and electricity to around 66,000 domestic
customers and 25,000 non-domestic customers.

With wholesale gas prices in the UK having sharply risen in 2021,
however, PFP has become one of the latest in a succession of energy
providers to fall into administration, Consultancy.uk notes.

Paul Berkovi, Paul Flint and Rob Croxen of Alvarez & Marsal (A&M)
Europe have been appointed as Joint Administrators to PFP Energy
and PFP Energy Supplies, and will now look to sell on the company's
remaining assets, Consultancy.uk relates.

According to Consultancy.uk, Mr. Berkovi, Joint Administrator said,
"The UK's energy retail sector is facing well-publicised issues.
PFP has unfortunately been unable to avoid the challenges it and
other suppliers have faced and, against this backdrop, the Company
has taken the difficult decision to appoint administrators.  The
focus for the administrators in the coming days will be in
supporting employees and working with British Gas on a smooth
transition for customers."


WPP PLC: Egan-Jones Keeps BB- Sr. Unsecured Debt Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on September 17, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by WPP PLC. EJR also downgraded the rating on
commercial paper issued by the Company to B from A3.

Headquartered in London, United Kingdom, WPP PLC operates a
communications services group.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *